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31. Financial instruments
31.1 Carrying amount
| Dec 31 2015 PLN '000 |
Note | Categories of financial instruments | Total | |||
|---|---|---|---|---|---|---|
| Financial assets/liabilities at fair value through profit or loss – held for trading | Loans and receivables | Financial assets available for sale (1) | Financial liabilities at amortised cost | |||
| Classes of financial instruments | ||||||
| Financial assets | ||||||
| Derivative financial instruments | 28; 31.2 | 217,179 | - | - | - | 217,179 |
| Trade receivables | 18 | - | 1,550,900 | - | - | 1,550,900 |
| Cash and cash equivalents | 20 | - | 859,699 | - | - | 859,699 |
| Other financial assets | 18 | - | 808,705 | 9,752 | - | 818,457 |
| Total | 217,179 | 3,219,304 | 9,752 | - | 3,446,235 | |
| Financial liabilities | ||||||
| Borrowings, other debt instruments and finance lease liabilities | 27 | - | - | - | 6,999,308 | 6,999,308 |
| Derivative financial instruments | 28; 31.2 | 165,151 | - | - | - | 165,151 |
| Trade payables | 30 | - | - | - | 1,232,510 | 1,232,510 |
| Other financial liabilities | 30 | - | - | - | 181,731 | 181,731 |
| Total | 165,151 | - | - | 8,413,549 | 8,578,700 | |
| Dec 31 2014 PLN '000 |
Note | Categories of financial instruments | Total | |||
|---|---|---|---|---|---|---|
| Financial assets/liabilities at fair value through profit or loss – held for trading | Loans and receivables | Financial assets available for sale (1) | Financial liabilities at amortised cost | |||
| Classes of financial instruments | ||||||
| Financial assets | ||||||
| Derivative financial instruments | 28; 31.2 | 4,430 | - | - | - | 4,430 |
| Trade receivables | 18 | - | 1,406,501 | - | - | 1,406,501 |
| Cash and cash equivalents | 20 | - | 348,215 | - | - | 348,215 |
| Other financial assets | 18 | - | 1,322,281 | 9,752 | - | 1,332,033 |
| Total | 4,430 | 3,076,997 | 9,752 | - | 3,091,179 | |
| Financial liabilities | ||||||
| Borrowings, bonds, other debt instruments and finance lease liabilities | 27 | - | - | - | 6,663,668 | 6,663,668 |
| Derivative financial instruments | 28; 31.2 | 198,543 | - | - | - | 198,543 |
| Trade payables | 30 | - | - | - | 1,692,839 | 1,692,839 |
| Other financial liabilities | 30 | - | - | - | 196,844 | 196,844 |
| Total | 30 | 198,543 | - | - | 8,553,351 | 8,751,894 |
(1) As at December 31st 2015 and December 31st 2014, the Group held shares in other undertakings measured at historical cost less impairment.
As at December 31st 2015 and December 31st 2014, the fair value of financial assets and liabilities did not materially differ from their carrying amounts.
31.2 Fair value hierarchy
| PLN '000 | Dec 31 2015 | Dec 31 2014 |
|---|---|---|
| Level 2 | ||
| Financial assets | ||
| Commodity swap | 198,591 | - |
| Commodity options | 363 | - |
| Currency forward and spot contracts | 14,082 | 536 |
| Interest rate swap (IRS) | 992 | - |
| Currency swap | 3,151 | 3,894 |
| Total | 217,179 | 4,430 |
| Financial liabilities | ||
| Commodity swap | 58,055 | 29,337 |
| Currency forward and spot contracts | 909 | 56,365 |
| Interest rate swap (IRS) | 72,263 | 75,484 |
| Currency swap | 33,924 | 37,357 |
| Total | 165,151 | 198,543 |
31.3 Items of income, expenses, gains and losses disclosed in the statement of comprehensive income by category of financial instrument
| Year ended Dec 31 2015 PLN ‘000 |
Note | Categories of financial instruments | ||||
|---|---|---|---|---|---|---|
| Financial assets/liabilities at fair value through profit or loss – held for trading | Loans and receivables | Financial assets available for sale | Financial liabilities at amortised cost | Total | ||
| Classes of financial instruments | ||||||
| Trade receivables: | - | 34,410 | - | - | 34,410 | |
| Interest income | 9.5 | - | 2,847 | - | - | 2,847 |
| Foreign exchange (gains)/losses recognised in cost of sales | 9.1 | - | 27,835 | - | - | 27,835 |
| Foreign exchange gains/(losses) recognised in finance costs | 9.6 | - | 1,801 | - | - | 1,801 |
| Impairment losses | 9.3 | - | 1,927 | - | - | 1,927 |
| Cash and cash equivalents: | - | 9,013 | - | - | 9,013 | |
| Interest income | 9.5 | - | 139 | - | - | 139 |
| Foreign exchange gains/(losses) | 9.6 | - | 8,874 | - | - | 8,874 |
| Other financial assets: | - | 61,576 | - | - | 61,576 | |
| Income from interest on deposits | 9.5 | - | 16,181 | - | - | 16,181 |
| Foreign exchange gains/(losses) on translation of intra-Group loans | 9.6 | - | 75,871 | - | - | 75,871 |
| Foreign exchange gains/(losses) on notes, including intra-Group | 9.6 | - | (50,053) | - | - | (50,053) |
| Foreign exchange gains/(losses) on cash blocked in bank accounts | 9.6 | - | 20,435 | - | - | 20,435 |
| Foreign exchange gains/(losses) on other financial assets | 9.6 | - | (858) | - | - | (858) |
| Derivative financial instruments (financial assets/liabilities): | 78,809 | - | - | - | 78,809 | |
| Gains/(losses) on fair value measurement of derivative financial instruments | 9.5 | 290,447 | - | - | - | 290,447 |
| Gains/(losses) on realisation of derivative financial instruments | 9.5 | (211,638) | - | - | - | (211,638) |
| Borrowings, other debt instruments and finance lease liabilities | - | - | - | (1,010,013) | (1,010,013) | |
| Interest expense | 9.6 | - | - | - | (172,205) | (172,205) |
| Gains/(losses) on cash flow hedge accounting charged to revenue | 8 | - | - | - | (82,448) | (82,448) |
| Foreign exchange gains/(losses) on bank borrowings | 9.6 | - | - | - | (175,425) | (175,425) |
| Foreign exchange gains/(losses) on realised foreign-currency transactions in bank accounts | 9.6 | - | - | - | (108,419) | (108,419) |
| Foreign exchange gains/(losses) on translation of intra-Group loans | 9.6 | - | - | - | (123,621) | (123,621) |
| Foreign exchange gains/(losses) on notes, including intra-Group | 9.6 | - | - | - | 8,078 | 8,078 |
| Gains/(losses) on measurement of cash flow hedges recognised in other comprehensive income | 23 | - | - | - | (355,973) | (355,973) |
| Trade and other payables: | - | - | - | (17,228) | (17,228) | |
| Interest expense | 9.6 | - | - | - | (236) | (236) |
| Foreign exchange (gains)/losses recognised in cost of sales | 9.1 | - | - | - | (16,728) | (16,728) |
| Foreign exchange gains/(losses) recognised in finance costs | 9.6 | - | - | - | (264) | (264) |
| Other financial liabilities: | - | - | - | (3,880) | (3,880) | |
| Interest expense | 9.6 | (1,351) | (1,351) | |||
| Foreign exchange gains/(losses) on investment commitments | 9.6 | (2,529) | (2,529) | |||
| Total | 78,809 | 104,999 | - | (1,031,121) | (847,313) | |
| Year ended Dec 31 2014 PLN ‘000 |
Note | Categories of financial instruments | ||||
|---|---|---|---|---|---|---|
| Financial assets/liabilities at fair value through profit or loss – held for trading | Loans and receivables | Financial assets available for sale | Financial liabilities at amortised cost | Total | ||
| Classes of financial instruments | ||||||
| Trade receivables: | - | 27,055 | - | - | 27,055 | |
| Interest income | 9.5 | - | 6,349 | - | - | 6,349 |
| Foreign exchange (gains)/losses recognised in cost of sales | 9.1 | - | 32,523 | - | - | 32,523 |
| Foreign exchange gains/(losses) recognised in finance costs | 9.6 | - | 1,261 | - | - | 1,261 |
| Impairment losses | 9.4 | - | (13,078) | - | - | (13,078) |
| Cash and cash equivalents: | - | 12,813 | - | - | 12,813 | |
| Interest income | 9.5 | - | 1,249 | - | - | 1,249 |
| Foreign exchange gains/(losses) | 9.6 | - | 11,564 | - | - | 11,564 |
| Other financial assets: | - | 214,449 | - | - | 214,449 | |
| Income from interest on deposits | 9.5 | - | 9,360 | - | - | 9,360 |
| Foreign exchange gains/(losses) on translation of intra-Group loans | 9.6 | - | 146,336 | - | - | 146,336 |
| Foreign exchange gains/(losses) on notes, including intra-Group | 9.6 | - | 19,808 | - | - | 19,808 |
| iForeign exchange gains/(losses) on cash blocked n bank accounts | 9.6 | - | 37,630 | - | - | 37,630 |
| Foreign exchange gains/(losses) on other financial assets | 9.6 | - | 1,315 | - | - | 1,315 |
| Derivative financial instruments (financial assets/liabilities): | (197,849) | - | - | - | (197,849) | |
| Gains/(losses) on fair value measurement of derivative financial instruments | 9.6 | (191,271) | - | - | - | (191,271) |
| Gains/(losses) on realisation of derivative financial instruments | 9.6 | (6,578) | - | - | - | (6,578) |
| Borrowings, other debt instruments and finance lease liabilities | - | - | - | (1,276,431) | (1,276,431) | |
| Interest expense | 9.6 | - | - | - | (166,675) | (166,675) |
| Gains/(losses) on cash flow hedge accounting charged to revenue | 8 | - | - | - | (7,992) | (7,992) |
| Foreign exchange gains/(losses) on bank borrowings | 9.6 | - | - | - | (222,455) | (222,455) |
| Foreign exchange gains/(losses) on realised foreign-currency transactions in bank accounts | 9.6 | - | - | - | (16,530) | (16,530) |
| Foreign exchange gains/(losses) on translation of intra-Group loans | 9.6 | - | - | - | (214,620) | (214,620) |
| Foreign exchange gains/(losses) on notes, including intra-Group | 9.6 | - | - | - | (63,506) | (63,506) |
| Gains/(losses) on measurement of cash flow hedges recognised in other comprehensive income | 23 | - | - | - | (584,653) | (584,653) |
| Trade and other payables | - | - | - | (96,993) | (96,993) | |
| Interest expense | 9.6 | - | - | - | (87) | (87) |
| Foreign exchange (gains)/losses recognised in cost of sales | 9.1 | - | - | - | (97,633) | (97,633) |
| Foreign exchange gains/(losses) recognised in finance costs | 9.6 | - | - | - | 727 | 727 |
| Other financial liabilities: | - | - | - | (4,916) | (4,916) | |
| Foreign exchange gains/(losses) on investment commitments | 9.6 | - | - | - | (4,675) | (4,675) |
| Foreign exchange gains/(losses) on other financial liabilities | 9.6 | - | - | - | (241) | (241) |
| Total | (197,849) | 254,317 | - | (1,378,340) | (1,321,872) | |
The Notes to the consolidated financial statements are an integral part of the statements.
(This is a translation of a document originally issued in Polish)
